๐ญ. ๐๐ฟ๐ฒ๐ฎ๐๐ฒ ๐ฎ ๐๐ฒ๐ฝ๐ฎ๐ฟ๐ฎ๐๐ฒ ๐ฆ๐๐ฟ๐ฎ๐๐ฒ๐ด๐ถ๐ฐ ๐๐๐๐ถ๐ป๐ฒ๐๐ ๐จ๐ป๐ถ๐ (๐ฆ๐๐จ)
Create a semi-autonomous, independently managed corporate unit that focuses on product offerings and market segments. This unit is responsible for planning, developing, producing, and marketing its own goods or services. This unit manages its own strategy & bottom line. It should be operated as a completely separate business.
๐ช๐ต๐? - This way Product teams are not impacted by the day-to-day challenges of the services organization.
๐ฎ. ๐๐ถ๐ฟ๐ฒ ๐๐ต๐ฒ ๐ฟ๐ถ๐ด๐ต๐ ๐๐ฒ๐ฎ๐บ
While itโs incredibly important that the team is skilled, itโs even more important that these individuals are the right values fit for your business. If a problem arises, teamwork solves it far quicker than one person alone could. By having the right team members working alongside us, we are able to elevate each other, and our business, further through collaborative work and coaching.
๐ช๐ต๐? - People make products.
๐ก๐ผ๐๐ฒ: Itโs also equally important to ensure you donโt have the wrong people on your team. These people can have a negative impact on the wider team, often sapping the energy and undoing all of your hard work to create your desired culture.
๐ฏ. ๐ฆ๐ต๐ถ๐ณ๐๐ถ๐ป๐ด ๐๐ผ ๐ฎ ๐ฃ๐ฟ๐ผ๐ฑ๐๐ฐ๐ ๐ ๐ถ๐ป๐ฑ๐๐ฒ๐:
A product mindset is value-driven, not completion driven. Itโs anchored in care and empathy for the customer. We should recognize that Projects end whereas products donโt.
๐ช๐ต๐? - Creating an impact on the overall business is important rather than focusing on satisfying weekly goals.
๐ฐ. ๐ข๐ป๐น๐ ๐๐ต๐ฒ ๐๐ฒ๐ฟ๐ ๐ฏ๐ฒ๐๐ ๐๐๐ฟ๐๐ถ๐๐ฒ (๐๐ต๐ฎ๐ ๐๐ต๐ผ๐๐น๐ฑ ๐ฏ๐ฒ ๐๐ต๐ฒ ๐ผ๐ป๐น๐ ๐๐ฎ๐ ๐๐ผ ๐ด๐ฒ๐ ๐ถ๐ป)
Have a rigorous hiring process. It should not be easy to crack. For those who do, value them well. You may end up paying more on compensation but itโs worth it.
๐ช๐ต๐? - People make products, good people make good products. Move from a survival mindset to a growth mindset.
๐ฑ. ๐ฌ๐ผ๐ ๐ฐ๐ฎ๐ปโ๐ ๐ฑ๐ผ ๐ฏ๐ผ๐๐ต ๐ฎ๐ ๐๐ต๐ฒ ๐๐ฎ๐บ๐ฒ ๐๐ถ๐บ๐ฒ (๐ฆ๐ฒ๐ฟ๐๐ถ๐ฐ๐ฒ๐ & ๐ฃ๐ฟ๐ผ๐ฑ๐๐ฐ๐๐)
The reality is, services businesses and product businesses have WILDLY different KPIs. From Business Model, Cash flow Requirements, Reportingโฆetc everything is different.
๐ช๐ต๐? - Mixing the two is not easy and should not be done.
It is anyway hard to build Products. Only 1 in 10 survive, ๐ฑ๐ผ ๐๐ผ๐ ๐ฟ๐ฒ๐ฎ๐น๐น๐ ๐ป๐ฒ๐ฒ๐ฑ ๐๐ผ ๐บ๐ฎ๐ธ๐ฒ ๐๐ต๐ถ๐ ๐ฎ๐ป๐ ๐ต๐ฎ๐ฟ๐ฑ๐ฒ๐ฟ?
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